JAMB UTME - Economics - 1987

Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?

10.20

3.57

1.25 Azịza ziri ezi

0.80

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Supply

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 9 Ripọtì

The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?

microeconomics Azịza ziri ezi

macroeconomics

production

indifference curve

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Demand

Economics As A Science

Lee Azịza

Ajụjụ 10 Ripọtì

Which of the following best describes the concept of opportunity cost?

a special bargain or scale at below market price

Cost of input tends to go up as we use more of them

Goods that are not produced in order to produce more of another good Azịza ziri ezi

A cost that constantly decreases

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 11 Ripọtì

The residual of production which accrues to the owner of land after all other expenses have been met is called?

wages

rent Azịza ziri ezi

interest

profit

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

The Theory Of Production

Theory Of Price Determination

Lee Azịza

Ajụjụ 12 Ripọtì

Which of the following is compatible with a firm in a purely competitive market?

demand is inelastic

demand is infinitely inelastic Azịza ziri ezi

Marginal Cost is falling

Price is greater than Marginal Cost

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Lee Azịza

Ajụjụ 13 Ripọtì

In the history of Economic Thought the concept of Division of labour is usually associated with?

David Richardo

J.M. Keynes

Adam Smith Azịza ziri ezi

Karl Marx

Akọwa Nkọwa

Lee Azịza

Ajụjụ 14 Ripọtì

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

75 units

35 units

7 units

not determinable from the schedules except when graphed Azịza ziri ezi

Akọwa Nkọwa

Lee Azịza

Ajụjụ 15 Ripọtì

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

industrial capital

social capital

fixed capital

circulating capital Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Production

Lee Azịza

Ajụjụ 16 Ripọtì

A limited liability company is usually owned by?

an individual

a government

shareholders Azịza ziri ezi

two or more partners

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (JAMB)

Business Organizations

Lee Azịza

Ajụjụ 17 Ripọtì

For normal goods the income elasticity of demand is?

positive Azịza ziri ezi

negative

zero

infinite

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Demand

Lee Azịza

Ajụjụ 18 Ripọtì

A production possibility curve shows?

how much of the resources of society are used to produce a particular commodity

the rate of inflation

the rate of unemployment in the economy

the various combinations of two commodities that can be produced

Azịza ziri ezi

Akọwa Nkọwa

The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.

Gụọ akwụkwọ nkuzi na Factors Of Production And Their Theories (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Production (WAEC)

Factors Of Production And Their Theories

The Theory Of Production

Theory Of Production

Lee Azịza

Ajụjụ 19 Ripọtì

In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?

substitution effect of a price change

income effect of a price change

opportunity cost of a price change

inflation effect of a price change Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 20 Ripọtì

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

65 units

40 units

30 units Azịza ziri ezi

20 units

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 21 Ripọtì

In the operation of market forces, the market is in equilibrium at the point where?

demand and supply curve intersect in more than one point provided the market is cleared

the excess in market can be conveniently stored

excess demand is negative

demand and supply curves intersect Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

The Theory Of Supply

The Theory Of Demand

Lee Azịza

Ajụjụ 22 Ripọtì

Money market differs from capital market in that it?

deals with short-term loans while capital market deals with long-term funds

Azịza ziri ezi

deals with money only while capital market deals with capital as well

is limited in scope while capital market is not

uses interest rate while capital does not

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 23 Ripọtì

Market is defined as?

one geographical location where people meet to buy and sell

the demand and supply of goods and services

a group of people whose sole interest is to make profit

any organizational framework which links the buyers and sellers of a good and service Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Consumer Behaviour (WAEC)

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Theory Of Consumer Behaviour

Market Structures

Economics As A Science

Lee Azịza

Ajụjụ 24 Ripọtì

If inflation is anticipated to continue?

people will lose confidence in goods

lenders will demand higher interest rate Azịza ziri ezi

the growth of full employment output will be accelerated

people will want to hold more money

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Money And Inflation (WAEC)

Gụọ akwụkwọ nkuzi na Money And Inflation (JAMB)

Money And Inflation

Lee Azịza

Ajụjụ 25 Ripọtì

A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?

price only Azịza ziri ezi

quantity only

quality only

price and quantity

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Theory Of Price Determination

The Theory Of Demand

Lee Azịza

Ajụjụ 26 Ripọtì

The main reason for charging interest is to?

reward enterpreneurial effort

redistribute profits

reward investors for present use of profits Azịza ziri ezi

mobilize more funds for development

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

Economics As A Science

Economic Systems

Lee Azịza

Ajụjụ 27 Ripọtì

Which of the following best explains the structural changes in the population of a country?

Positive changes in the size and ethnic composition of the population

A decrease in the size of the population

An increase in the birth rate which is higher than the decrease in the death rate

Changes in the age, sex and occupational composition of the population Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Population And Labour Market (WAEC)

Gụọ akwụkwọ nkuzi na Population (JAMB)

Population And Labour Market

Population

Lee Azịza

Ajụjụ 28 Ripọtì

Economic development is defined as?

positive change plus growth

avalibility of more goods and services

outward shift of the production possibility curve

growth in the national income Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economic Growth And Development (JAMB)

Economic Growth And Development

Lee Azịza

Ajụjụ 29 Ripọtì

To which of the following sectors do services belong?

Primary

Secondary

Tertiary Azịza ziri ezi

Construction

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Market Structure

Lee Azịza

Ajụjụ 30 Ripọtì

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

Dumping Azịza ziri ezi

Counter-trade

Bilateral trade

Trade liberalization

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 31 Ripọtì

Ad valorem tax means?

a certain percentage tax based on the value of the commodity

Azịza ziri ezi

a certain percentage tax based on the volume of the commodity

a tax on the income of the consumer

payment of a tax on the profits made

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza

Ajụjụ 32 Ripọtì

The money which government spends yearly for the maintenance of its school is?

used only for wages and salaries

part of the government's capital expenditure

part of the government's recurrent expenditure Azịza ziri ezi

the government's budget for its school

Akọwa Nkọwa

Lee Azịza

Ajụjụ 33 Ripọtì

Average fixed cost is

Average total cost less the sum of average variable cost

Half the sum of all costs

Total fixed cost divided by the level of output

Azịza ziri ezi

Total fixed cost plus marginal cost

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Methods And Tools Of Economic Analysis

Theory Of Costs

Lee Azịza

Ajụjụ 34 Ripọtì

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

the quantity supplied is infinitely elastic Azịza ziri ezi

when price is zero, the quantity supplied infinite

when price is infinite, the quantity supplied zero

the quantity supplied is definite

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Price Determination (WAEC)

Gụọ akwụkwọ nkuzi na The Theory Of Price Determination (JAMB)

Theory Of Price Determination

The Theory Of Price Determination

Lee Azịza

Ajụjụ 35 Ripọtì

A budget with a projected revenue in excess of its expenditure is said to be?

balanced

surplus Azịza ziri ezi

deficit

inflationary

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Public Finance (WAEC)

Public Finance

Lee Azịza

Ajụjụ 36 Ripọtì

Capital consumption allowance refers to?

personal consumption expenditure

indirect business taxes

depreciation of capital equipment

Azịza ziri ezi

expenditure on capital equipment

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Theory Of Costs

Lee Azịza

Ajụjụ 37 Ripọtì

For the improvement of the welfare of a people, a high production level is not enough because

the have-nots deserve more than a fair share Azịza ziri ezi

equitable distribution is necessary

production efficiency is vital

savings in the country must be guaranteed at more than 50 percent of income earned.

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

The Theory Of Production

Economics As A Science

Lee Azịza

Ajụjụ 38 Ripọtì

Labour productivity is defined as?

output per man/hour Azịza ziri ezi

average output

the maximum number of hours worked

total level of output

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structures (WAEC)

Market Structures

Lee Azịza

Ajụjụ 39 Ripọtì

The rate of exchange between a domestic and a foreign currency is defined as the?

terms of trade

domestic currency price of a unit of the foreign currency Azịza ziri ezi

foreign currency price of gold

domestic currency price of gold

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na International Trade (JAMB)

International Trade

Lee Azịza

Ajụjụ 40 Ripọtì

Transfer payment are

transfer earnings

money transferred from one country to another

unearned income Azịza ziri ezi

payment transferred from one account to another

Akọwa Nkọwa

Lee Azịza

Ajụjụ 41 Ripọtì

In the long run a firm will leave an industry if price?

does not cover at at least Average Total Cost

is not equal to Marginal Cost Azịza ziri ezi

is higher than Average Varriable Cost

is not at least equal to the minimum of Marginal Cost curve

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

Gụọ akwụkwọ nkuzi na Theory Of Costs (JAMB)

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

The Theory Of Production

Theory Of Costs

Market Structure

Lee Azịza

Ajụjụ 42 Ripọtì

What form of market is found in an imperfect competition where there are few buyers and many sellers?

Oligopoly

Monopoly

Duopoly

Oligopsony Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Market Structure (JAMB)

Market Structure

Lee Azịza

Ajụjụ 43 Ripọtì

Statistical information available in most West African countries suggests that?

the marginal propensity to save is high

the marginal propensity to consume is high Azịza ziri ezi

the consumption pattern is negative

there exists perfect correlation between consumption and savings

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Economic Systems (JAMB)

The Theory Of Demand

Economic Systems

Lee Azịza

Ajụjụ 44 Ripọtì

The liability of the sole trader is?

indeterminable

unlimited Azịza ziri ezi

transferable

limited

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Business Organizations (WAEC)

Business Organizations

Lee Azịza

Ajụjụ 45 Ripọtì

In which of the diagrams above, is the consumer surplus correctly shaded?

III

IV Azịza ziri ezi

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Methods And Tools Of Economic Analysis (JAMB)

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Methods And Tools Of Economic Analysis

The Theory Of Demand

Lee Azịza

Ajụjụ 46 Ripọtì

Which of the following is a disadvantage of regional concentration of industries?

Development of congested urban areas Azịza ziri ezi

Existence of regional unempolyment

High cost of labour

Immobility of labour

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Distributive Trade (WAEC)

Gụọ akwụkwọ nkuzi na Industry And Industrialization (JAMB)

Distributive Trade

Industry And Industrialization

Lee Azịza

Ajụjụ 47 Ripọtì

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

elastic

inelastic Azịza ziri ezi

perfectly elastic

unitary elastic

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Demand (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Demand

Demand

Lee Azịza

Ajụjụ 48 Ripọtì

The additional revenue obtained by using one more unit of a factor is called its?

marginal product

additional product

marginal revenue product Azịza ziri ezi

average product

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Production (JAMB)

The Theory Of Production

Lee Azịza

Ajụjụ 49 Ripọtì

An increase in supply will lower price unless?

supply is perfectly inelastic

demand is perfectly inelastic

it is followed by an increase in demand Azịza ziri ezi

demand is highly inelastic

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na The Theory Of Supply (JAMB)

Gụọ akwụkwọ nkuzi na Demand (WAEC)

The Theory Of Supply

Demand

Lee Azịza

Ajụjụ 50 Ripọtì

The difference between personal income and personal disposal income is?

personal income tax Azịza ziri ezi

investment income

personal savings

consumption expenditure

Akọwa Nkọwa

Gụọ akwụkwọ nkuzi na Economics As A Science (JAMB)

Economics As A Science

Lee Azịza






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